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Brain drug developer Alto Neuroscience prices $129M IPO

February 2, 2024


Another biotechnology company has hit Wall Street via an initial public offering, the third to do so this year in an uptick of IPO activity that suggests rebounding investor interest in life sciences stocks.

Alto Neuroscience raised about $129 million on Thursday, selling 8,040,000 shares at $16 apiece. The company’s stock will trade on the New York Stock Exchange under the ticker symbol “ANRO.”

Alto’s pricing follows January IPOs from CG Oncology and Arrivent Biopharma. Combined, the three have raised $684 million, significantly more than what the first three biotechs to price IPOs last year raised.

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